Quote – Thomas Brown, Bankstocks.com.

The bill would, for instance, prohibit card companies from changing the rates they charge ‘at any time, for any reason.’ Translation: instead of a borrower’s interest rate varying up and down, it will just stay up. Or fees will rise, to offset issuers’ loss of pricing flexibility.

From Bankstocks.com, “Chris Dodd’s Credit Card Bill Will Help Consumers? Don’t Count On It”, by Thomas Brown

Friday, May 1, 2009